Freehills is advising Goldman Sachs JBWere on their underwriting of Valad Property Group’s (Valad) capital raising announced today of up to approximately A$59.5 million (Offer).
The Offer will be by:
- an accelerated non-renounceable entitlement offer to Valad’s existing security holders to raise up to approximately A$40.2 million, and
- a placement to institutional investors to raise up to approximately $19.3 million.
The Freehills team is partner Tony Sparks, senior associate Daniel Scotti and lawyer Jeremy Chew.
Freehills partner Tony Sparks said, ‘A novel aspect of this deal was that the issuer used the proceeds of the Offer to settle a specific deferred liability to the vendors of a business acquired in 2007.’
Freehills’ award winning teams have advised on many of the recent capital raisings by listed property groups, including advising the underwriters of capital raisings by Challenger Diversified Property Group, Australand Property Group and DEXUS Property Group, acting for FKP Property Group in its capital raising, and acting for cornerstone investors in capital raisings by GPT and Goodman Group.
Mallesons Stephen Jaques advised Valad.
More information
For information regarding possible implications for your business, contact